Sky agrees to buy Second Bancorp

Sky Financial Group Inc. has signed an agreement to buy Second Bancorp Inc. in a deal worth about $321 million, the companies said.

Second Bancorp, which is based in Warren, Ohio, owns Second National Bank, which operates 33 branches and lists assets of $2.1 billion.

Sky, the parent of Sky Bank, said it would pay 1.26 shares of its common stock for every share of Second Bancorp. Sky's shares closed Thursday at $26.23.

Following the completion of the deal, which the companies said they expect by the end of the second quarter, Second National Bank will become part of Sky Bank. Regulators and Second Bancorp's shareholders must approve the transaction.

Sky's assets, currently around $12.8 billion, will be just shy of $15 billion when the deal is finished. The company is based in Bowling Green, Ohio, and has offices in Pittsburgh, following its 2002 acquisition of Three Rivers Bancorp.

The company has more than 260 branches in Pennsylvania, Ohio, West Virginia, Michigan and Indiana.